Britain’s Cairn Energy Plc has secured a French court order to seize about 20 Indian government properties in France to recover a part of the $1.7-billion arbitration award, sources said on Thursday.
On June 11, the French court had ordered Cairn Energy’s takeover of Indian government properties, mostly comprising flat; the legal process was completed on Wednesday evening.
An arbitration panel had in December ordered the Indian government to return $1.2 billion-plus interest and penalty to Cairn Energy after reversing a retrospective tax demand.
Cairn Energy arbitration: India should honour its word and pay $1.4 billion, says company
With the Indian government not honouring the award, Cairn Energy has moved in multiple jurisdictions overseas to recover the amount due by seizing Indian government assets.